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Question 25 Chapter 1 of Class 12 Part – 1 VK Publication

Question 25 Chapter 1 of Class 12 Part - 1 VK Publication
Question 25 Chapter 1 of Class 12 Part - 1 VK Publication

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Question 25 Chapter 1 of Class 12 Part – 1

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25. Following is an extract of Receipts and Payments Account of Youth Success Association. Show how will you deal with the following items in the financial statements of the not-for-profit organisation.

Receipts and Payments Account

As at 31st March, 2018

ReceiptsRs.paymentsRs.
To Government Grant for Club Library1,50,000  
To Government Grant42,000  

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The solution of Question 25 Chapter 1 of Class 12 Part – 1: – 

Youth Success Association

Income and Expenditure Account

Expenditure (Rs.)Income(Rs.)
  By Government grant42,000

Balance Sheet

(as at 31st March 2018)

Liabilities AmountAssetsAssets
Government Grant for Club Library1,50,000  

 

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Also, Check out the solved question of all Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Chapter No. 1 – Accounting Not for Profit Organisations

Chapter No. 2 – Partnership Accounts – I (Introduction)

Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)

Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)

Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)

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Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)

Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)

Chapter No. 8 – Company Accounts (Share Capital)

Chapter No. 9 – Company Accounts (Issue of Debentures)

Chapter No. 10 – Company Accounts (Redemption of Debentures)

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Chapter No. 1 – Financial Statements of a Company

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Chapter No. 2 – Financial Statement Analysis

Chapter No. 3 –  Tools of Financial Statement Analysis- Comparative and Common Size

Chapter No. 4 – Ratio Analysis

Chapter No. 5 – Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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